Lancashire Holdings Limited – Director/PDMR Shareholding – RSS Awards

Lancashire Holdings Limited

(the «Company») or («LHL»)

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

The Company announces that, on 13 March 2026, Restricted Share Awards («RSS
awards») were granted as nil-cost options over common shares of US$0.50 each
under the LHL Restricted Share Scheme as both Long Term Incentive Performance
RSS Awards and Deferred Annual Bonus RSS Awards to Alex Maloney, Executive
Director and Group Chief Executive Officer, Natalie Kershaw, Executive Director
and Group Chief Financial Officer and Paul Gregory, Executive Director and Group
Chief Underwriting Officer.

Mr. Maloney was granted 658,533 RSS awards as nil-cost options over the
Company’s common shares of US$0.50 each. Of these RSS awards, 520,514 were
granted as Long Term Incentive Performance RSS Awards* and 138,019 were granted
as Deferred Annual Bonus RSS Awards**. ‬‬‬‬‬

Ms. Kershaw was granted 362,602 RSS awards as nil-cost options over the
Company’s common shares of US$0.50 each. Of these RSS awards 268,454 were
granted as Long Term Incentive Performance RSS Awards* and 94,148 were granted
as Deferred Annual Bonus RSS Awards**.

Mr. Gregory was granted 486,769  RSS awards as nil-cost options over the
Company’s common shares of US$0.50 each. Of these RSS awards, 371,754 were
granted as Long Term Incentive Performance RSS Awards* and 115,015 were granted
as Deferred Annual Bonus RSS Awards**.

* In accordance with the LHL Restricted Share Scheme rules, in the normal course
of events the 2026 Long Term Incentive Performance RSS Awards will vest in 2029
to the extent that the Performance Conditions (measured over a three-year
performance period ending 31 December 2028) have been satisfied and provided the
Award holder remains employed by a Group Member on the date of vesting.

** In accordance with the LHL Restricted Share Scheme rules, exercise of the
2025 Deferred Annual Bonus RSS Awards may occur over the relevant vested awards
at such point as the Award holder selects, up to the 10th anniversary of the
date of grant. Subject to the vesting conditions, each Deferred Annual Bonus RSS
Award will vest in three equal tranches.  Vested awards may only be exercised in
«open periods». It is anticipated that the first open period following the
normal vesting date will commence following the release of the Company’s 2026
financial statements in the case of the first tranche, following the release of
the Company’s 2027 financial statements in the case of the second tranche, and
following the release of the Company’s 2028 financial statements in the case of
the third tranche.

The notification below, made in accordance with the requirements of UK MAR,
provides further detail:

+–+—————————-+———————————————+
|1 |Details of the person |
| |discharging managerial |
| |responsibilities/person |
| |closely associated |
+–+—————————-+———————————————+
|a)|Name |Alex Maloney |
+–+—————————-+———————————————+
|2 |Reason for the notification |
+–+—————————-+———————————————+
|a)|Position/status |Executive Director and Group Chief Executive |
| | |Officer |
+–+—————————-+———————————————+
|b)|Initial |Initial notification |
| |notification/Amendment | |
+–+—————————-+———————————————+
|3 |Details of the issuer, |
| |emission allowance market |
| |participant, auction |
| |platform, auctioneer or |
| |auction monitor |
+–+—————————-+———————————————+
|a)|Name |Lancashire Holdings Limited |
+–+—————————-+———————————————+
|b)|LEI |5493002UNUYXLHOWF752 |
+–+—————————-+———————————————+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+–+—————————-+———————————————+
|a)|Description of the financial|Nil-cost options over Common Shares of |
| |instrument, type of |US$0.50 each |
| |instrument | |
| | |ISIN: BMG5361W1047 |
| |Identification code | |
+–+—————————-+———————————————+
|b)|Nature of the transaction |Grant of 658,533  RSS awards granted as nil |
| | |-cost options over common shares of US$0.50 |
| | |each, of which 520,514 were granted as Long |
| | |Term Incentive Performance RSS Awards and |
| | |138,019 were granted as Deferred Annual Bonus|
| | |RSS Awards |
+–+—————————-+———————————————+
|c)|Price(s) and volume(s) | |
| | |+——–+———+ |
| | ||Price(s)|Volume(s)| |
| | |+——–+———+ |
| | ||Nil |520,514  | |
| | |+——–+———+ |
| | ||Nil |138,019  | |
| | |+——–+———+ |
+–+—————————-+———————————————+
|d)|Aggregated information |  658,533  |
| | | |
| |-          Aggregated volume|NIL |
| | | |
| |-          Price | |
+–+—————————-+———————————————+
|e)|Date of the transaction |2026-03-13 |
+–+—————————-+———————————————+
|f)|Place of the transaction |Outside a trading venue |
+–+—————————-+———————————————+

+–+—————————-+——————————————–+
|1 |Details of the person |
| |discharging managerial |
| |responsibilities/person |
| |closely associated |
+–+—————————-+——————————————–+
|a)|Name |Natalie Kershaw |
+–+—————————-+——————————————–+
|2 |Reason for the notification |
+–+—————————-+——————————————–+
|a)|Position/status |Executive Director and Group Chief Financial|
| | |Officer |
+–+—————————-+——————————————–+
|b)|Initial |Initial notification |
| |notification/Amendment | |
+–+—————————-+——————————————–+
|3 |Details of the issuer, |
| |emission allowance market |
| |participant, auction |
| |platform, auctioneer or |
| |auction monitor |
+–+—————————-+——————————————–+
|a)|Name |Lancashire Holdings Limited |
+–+—————————-+——————————————–+
|b)|LEI |5493002UNUYXLHOWF752 |
+–+—————————-+——————————————–+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+–+—————————-+——————————————–+
|a)|Description of the financial|Nil-cost options over Common Shares of |
| |instrument, type of |US$0.50 each |
| |instrument | |
| | |ISIN: BMG5361W1047 |
| |Identification code | |
+–+—————————-+——————————————–+
|b)|Nature of the transaction |Grant of 362,602 awards granted as nil-cost |
| | |options over common shares of US$0.50 each, |
| | |of which 268,454 were granted as Long Term |
| | |Incentive Performance RSS Awards and 94,148 |
| | |were granted as Deferred Annual Bonus RSS |
| | |Awards |
+–+—————————-+——————————————–+
|c)|Price(s) and volume(s) | |
| | |+——–+———+ |
| | ||Price(s)|Volume(s)| |
| | |+——–+———+ |
| | ||Nil |268,454  | |
| | |+——–+———+ |
| | ||Nil |94,148  | |
| | |+——–+———+ |
+–+—————————-+——————————————–+
|d)|Aggregated information |362,602  |
| | | |
| |-          Aggregated volume|NIL |
| | | |
| |-          Price | |
+–+—————————-+——————————————–+
|e)|Date of the transaction |2026-03-13 |
+–+—————————-+——————————————–+
|f)|Place of the transaction |Outside a trading venue |
+–+—————————-+——————————————–+

+–+—————————-+——————————————–+
|1 |Details of the person |
| |discharging managerial |
| |responsibilities/person |
| |closely associated |
+–+—————————-+——————————————–+
|a)|Name |Paul Gregory |
+–+—————————-+——————————————–+
|2 |Reason for the notification |
+–+—————————-+——————————————–+
|a)|Position/status |Executive Director and Group Chief |
| | |Underwriting Officer |
+–+—————————-+——————————————–+
|b)|Initial |Initial notification |
| |notification/Amendment | |
+–+—————————-+——————————————–+
|3 |Details of the issuer, |
| |emission allowance market |
| |participant, auction |
| |platform, auctioneer or |
| |auction monitor |
+–+—————————-+——————————————–+
|a)|Name |Lancashire Holdings Limited |
+–+—————————-+——————————————–+
|b)|LEI |5493002UNUYXLHOWF752 |
+–+—————————-+——————————————–+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+–+—————————-+——————————————–+
|a)|Description of the financial|Nil-cost options over Common Shares of |
| |instrument, type of |US$0.50 each |
| |instrument | |
| | |ISIN: BMG5361W1047 |
| |Identification code | |
+–+—————————-+——————————————–+
|b)|Nature of the transaction |Grant of 486,769 awards granted as nil-cost |
| | |options over common shares of US$0.50 each, |
| | |of which 371,754 were granted as Long Term |
| | |Incentive Performance RSS Awards and 115,015|
| | |were granted as Deferred Annual Bonus RSS |
| | |Awards |
+–+—————————-+——————————————–+
|c)|Price(s) and volume(s) | |
| | |+——–+———+ |
| | ||Price(s)|Volume(s)| |
| | |+——–+———+ |
| | ||Nil |371,754  | |
| | |+——–+———+ |
| | ||Nil |115,015  | |
| | |+——–+———+ |
+–+—————————-+——————————————–+
|d)|Aggregated information |486,769  |
| | | |
| |-          Aggregated volume|NIL |
| | | |
| |-          Price | |
+–+—————————-+——————————————–+
|e)|Date of the transaction |2026-03-13 |
+–+—————————-+——————————————–+
|f)|Place of the transaction |Outside a trading venue |
+–+—————————-+——————————————–+

Name of authorised official of issuer for making notification

Christopher Head +44 20 7264 4145

Company Secretary [email protected]

18 March 2026

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